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Paris-based Idinvest Partners, the former private equity team of Allianz Group, has collected €350 million for its latest secondaries fund.

The fund, which has a €400 million upper limit, held a first close at €350 million in early September, Christophe Simon, a partner and head of the private funds group at the firm, told Financial News.

The vehicle will invest in the European market for second-hand private equity fund stakes and typically target transactions of up to €50 million. The vehicle will be larger than Idinvest’s previous secondaries fund, a €228 million vehicle that was raised in 2014.

Simon said almost all investors in Idinvest’s prior secondaries fund had decided to re-invest and added that the investor base included “banks, pension funds [and] all the usual suspects”.

He added: “We are confident that we will reach [the] €400 million [target] by the end of the year."

The fund, which tends not to use debt for its transactions and also doesn’t use fund leverage, will target returns of between 1.6x and 1.8x on a net basis, he added. Idinvest began marketing the fund in January and has already agreed its first deal, Simon said.

“We managed during the summer to work on the very first transaction of Fund III and it’s signed but not closed. It will represent approximately 15% of the fund size, so it’s a significant transaction,” he said.

Idinvest’s prior fund was fully invested across 17 transactions. Around half of the deals were second-hand fund stakes, while the other half were fund restructurings and manager-led secondaries deals, Simon said.